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What is the penalty for late filing of monthly VAT return? | New penalty regime for late submission and payment of VAT

The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and late submissions. Penalties for late submission apply even if there is no VAT liability or there is a repayment due.  

5 Sep 2024 Read more
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When will VAT get added to private school fees? | More details on VAT charge on private school fees

More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge on private school fees. The government has said that the money raised by ending the tax breaks on VAT and business rates for private schools will help secure additional funding for state education programs.  

5 Sep 2024 Read more
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What is the Residence nil-rate band 2024/25?| Inheritance tax unused Residence Nil Rate Band (RNRB)

The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren.

5 Sep 2024 Read more
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How many years of NIC'S do I need for a full state pension? | Check your State Pension forecast.

Regularly checking your state pension position can help optimise your entitlement. It would be best to consider what other savings or pensions might be required for a long and comfortable retirement. To receive the full benefits of an entire state pension your National Insurance record must usually contain a minimum number of years. Also be aware the requirements for men and women differ. Menusually need at least 30 qualifying years of NIC payments if born between 1945 and 1951 and 44  if born before 1945. Women usually need at least 30 qualifying years if born between 1950 and 1955 and 39 if born before 1950. If you were born after 1951, you will get the new state pension, which only needs ten qualifying years of NIC Payments to receive a state pension  

5 Sep 2024 Read more
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What are the Changes to HMRC's Payroll Reporting regulations? | Payroll reporting from April 2026

There are changes afoot to payroll reporting, as announced by HMRC these come into effect in April 2026 and could result in employers needing to change their current payroll and HR systems to comply with the new payroll regulation. The changes to payroll processing will allow HMRC to improve the data it can collect from its customers' payroll. These suggested changes to payroll systems are expected to ensure that employers record the hours employees worked and the payments made in their real-time information PAYE Returns.

14 Aug 2024 Read more
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How can a business achieve long-term success? | Strategies for Long-Term Business Success

Running a business can be both exciting and challenging. Business owners constantly juggle responsibilities, from managing operations to ensuring customer satisfaction. With all these ongoing responsibilities, achieving peace of mind might seem like an elusive goal. However, with the right strategies in place, you can create a business environment that generates stability, growth, and, most importantly, peace of mind. Here’s how.  

13 Aug 2024 Read more
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What qualifies for IHT Business Relief | Business relief and inheritance tax

There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of business assets if certain criteria are met.

13 Aug 2024 Read more
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How do you declare beneficial interests in joint property and income? | Making a Form 17 declaration

The usual tax position for couples living with their spouse or civil partners is that property income held in joint names is divided 50:50, regardless of the actual ownership structure. However, where there is unequal ownership and the couple wants the income taxed on that basis, a notification must be sent to HMRC together with proof that the beneficial interests in the property are unequal. This is done using a Form 17 Declaration.  

13 Aug 2024 Read more
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Capital Gains Tax Allowance 2024/25 | What is the Current CGT Rate

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and the gain keeps them within basic rate, they may only be subject to a reduced rate of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the excess will be subject to 20% CGT.  

2 Aug 2024 Read more
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What is the current tax gap in the UK?| Tax gap at 4.8% for 2022-23

What is the tax gap for 2022-23 The tax gap for the 2022-23 tax year has been published and is estimated to be 4.8% of total theoretical tax liabilities.  

15 Jul 2024 Read more
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Is there an annual property tax in the UK? | annual tax on enveloped dwellings

What is ATED?The Annual Tax on Enveloped Dwellings (ATED) is payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and managers of collective investment schemes described in the legislation as NNPs.

15 Jul 2024 Read more
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Can I look at my State Pension online | check your state pension forecast

How can I check my state pension? The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage   The new digital service is a joint service by HM Revenue and Customs (HMRC) and the Department for Work and Pensions (DWP). It has been enhanced to include a fully end-to-end digital solution.  

15 Jul 2024 Read more
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